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Market Commentary - Foreign Markets
Nasdaq falls as broad based weakness hurts US stocks As on : 28-Nov-24  12:57

The US stocks slipped in last session as recent gains gave way to some moderation ahead of Thanksgiving Day holiday. Worries over trade frictions with larger US overseas trading partners also weighed. The tech-heavy Nasdaq led the way lower, while the Dow and the S&P 500 pulled back off Tuesday's record closing highs. The Nasdaq ended down 115.10 points or 0.6 percent at 19,060.48. The Dow fell 138.25 points or 0.3 percent to 44,722.06 and the S&P 500 slid 22.8 points or 0.4 percent to 5,998.74, ending a seven-session winning streak.

The Nasdaq tumbled amid substantial weakness among computer hardware stocks, with the NYSE Arca Computer Hardware Index dropping by 3.3 percent. Heavy weakness was also visible among software stocks, as reflected by the 1.6 percent loss posted by the Dow Jones U.S. Software Index. Semiconductor and networking stocks also saw selling pressure after recent surge.

Economic cues also weighed on the sentiments. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in October, matching the uptick seen in September. The annual rate of growth by the PCE price index accelerated to 2.3 percent in October from 2.1 percent in September. Excluding food and energy prices, the core PCE price index climbed by 0.3 percent in October, again matching the increase seen in September. The annual rate of growth by the core PCE price index edged to 2.8 percent in October from 2.7 percent in September.

Further, in the week ending November 23, the advance figure for seasonally adjusted initial claims was 213,000, a decrease of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 213,000 to 215,000. The 4-week moving average was 217,000, a decrease of 1,250 from the previous week's revised average. The previous week's average was revised up by 500 from 217,750 to 218,250.

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